New fears of oil supply disruption as US-Iran hostilities resume
Analysts lifted price forecasts as shipping through the Strait of Hormuz slowed to four vessels on Thursday, far below the 10-day average, data showed.
- Oil prices rose on Friday, heading for their steepest weekly gain since mid-July as renewed US-Iran hostilities heightened concerns over Middle East supply risks, with Brent futures reaching $95.67 a barrel.
- US-Iran attacks this week killed and wounded dozens, including Iranian civilians, marking the fiercest clashes between the two countries since July; Tehran continues pressuring commercial shipping in the Strait of Hormuz.
- Iraq increased oil exports to around 2.34 million barrels per day in August, up from 1.35 million, while ANZ analysts raised their short-term Brent forecast to $95 a barrel.
- Vice President Vance told reporters on Thursday that Washington does not plan to hold talks with Iran unless Tehran stops attacking commercial shipping; Israeli Defence Minister Israel Katz warned Israel would "cripple" Iran's military and civilian infrastructure.
- Russian President Vladimir Putin suggested a path exists to end the war in Ukraine, noting that both Washington and China are prepared to support a peace settlement as the market faces delicate adaptation ahead.
29 Articles
29 Articles
New fears of oil supply disruption as US-Iran hostilities resume
Renewed hostilities between the United States and Iran have brought back fears of oil supply disruption. Prices are on track for their steepest weekly gain since mid-July, up 7.6%, as the US-Iran war…
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Oil Prices Set for Biggest Weekly Gain Since July as U.S.-Iran Tensions Raise Supply Concerns
Oil prices were little changed on Friday but remained on track for their strongest weekly gain since mid-July as escalating tensions between the United States ... The post Oil Prices Set for Biggest Weekly Gain Since July as U.S.-Iran Tensions Raise Supply Concerns first appeared on [your]NEWS.
Channel News Asia
PressNewsAgencyOil prices set for weekly gain as US-Iran hostilities intensify
Sept 4 : Oil prices eased on Friday but were still headed for a weekly gain as rising U.S.-Iran tensions heightened concerns over Middle East supply risks.Brent crude futures were down 47 cents or 0.49 per cent at $95.05 a barrel by 0813 GMT, while U.S. West Texas Intermediate crude futures lost 64 cents, or
Oil prices rose today Friday, moving towards the largest weekly gain since mid-July.
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